Paramount Labels & Tags Limited (06720947): administration
- Status
- Administration ended
- Administration began
- 2023-11-30
- Administrators
- Gareth Prince, Mark Malone
- Administrators' firm
- Begbies Traynor
- Formerly
- Paramount Labels Limited
- Incorporated
- 2008-10-10
- Location
- Birmingham
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Rising costs / inflation
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Property / lease costs
- Sustained trading losses
From the administrators' statement
Paramount Labels & Tags Limited (“Paramount”) was incorporated on 10 October 2008, by Philip Wright and his business partner Mr. David Vincze (now deceased). The Company purchased the business and assets of Millennium Labels Limited; a company which Philip Wright and David Vincze were previously directors but which had entered administration. Millenium Labels Limited had previously traded from the premises which Paramount then occupied in New Street, Bridgtown. The building was and is owned by Mr Wright's Pension Fund. Paramount was started using the directors’ own funds until it was possible to operate a factoring facility with the current provider, HSBC Invoice Finance. Mr Wright has extensive experience in the industry having operated in the print business for 47 years.
The Company already had a solid client base and this was gradually improved with turnover in the first year of £863k increasing to circa £1.6m in the most recent year. Paramount invested heavily in new plant and equipment over the past seven years, to include two new digital presses, one new 8 colour flexo press, one x 6 colour press, three new finishing presses and one new digital finishing press, along with other ancillary equipment needed. In recent years, the factory was also renovated by adding new mezzanine floors and walls, redecorating and painting the floors. This was partly due to the Coronavirus pandemic as it allowed for each department to have its own room/environment. The director also installed climate control in each department.
The Company employs 18 staff, including the director and his wife. Despite a growth in revenue, the number of employees has remained relatively consistent over the past 15 years as efficiency has increased with new technology and new machinery.
Administrators' statement of proposals (2023-12-12) · Companies House register